New Regulations Won’t Choke Brazil’s Crypto Progress, Says Regulator

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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The President of the Brazilian markets regulator has claimed that efforts to police the sector will not hamper the nation’s crypto progress.

Portal do Bitcoin quoted the President of the Securities and Exchange Commission (known locally as the CVM) João Pedro Nascimento as speaking at a crypto-focused event named Cryptorama in São Paulo.

The media outlet noted that Nascimento was “emphatic” in stating that the CMV’s objective was to “help the development of the crypto space.” He also insisted that the CMV’s goal was “not to create rules that strangle the market.”

Instead, he claimed that the regulator would steer away from policies that would “impede” the “growth” of the domestic sector, which has expanded rapidly in the past few years.

Nascimento said:

“The CVM is open to innovation. The CVM welcomes new ideas. CVM is a place that respects new technology. We understand that whenever a new technology is brought into the world, it must be perceived as a means of expanding the horizons upon which rights can be exercised. It should never be a tool for restricting rights.”

Crypto Regulations Coming to Brazil

The regulatory chief will hope that his speech – his first address on the matter of crypto since taking over as CVM President in July this year – will allay fears in the sector.

The CVM had previously adopted a laissez-faire attitude to crypto, and had been happy to hand over regulatory duties to the nation’s central bank.

This led lawmakers to draft a bill that effectively bypassed the CVM as a regulatory body – only for Nascimento to essentially scupper the bill at the eleventh hour by insisting the CVM should play a part.

In September, the regulator announced that it wanted to usher in a new era of “transparency” in the crypto sector. The CVM claimed it was preparing a set of industry guidelines to help police crypto exchanges and other firms in the industry.